P.R. Laws tit. 23, § 6028
(a) Tax exemption. — Any Fund that has a license issued by the Director in force during its entire taxable year or during that part of said period which is applicable to the first or last year of operations, shall be exempted of the income tax levied by §§ 8006 et seq. of Title 13 and of the tax on volume of business levied by the Municipal License Tax Act, §§ 651 et seq. of Title 21.
(b) Exemption from filing returns. — Any Fund that has a license issued by the Director in force during its entire taxable year or during that part of said period which is applicable to the first or last year of operations, shall be exempted from filing the corresponding income tax return required by §§ 8006 et seq. of Title 13 and of the statement of volume of business required under §§ 651 et seq. of Title 21.
(c) Placement of income from investments in non-tourist activities. —
(1) Within ninety (90) days following the closing date of its fiscal year, the Fund shall be bound to transfer to the Secretary, a sum equal to ninety percent (90%) of the gross income derived from investments other than eligible investments, as specified in §§ 6021 and 6032 of this title and in the regulations adopted by the Director pursuant thereto.
(2) If the Fund were not to deposit all, or part of the corresponding sum, determined pursuant to the provisions of this section within the established period of time, the undeposited balance shall earn interest that shall be computed at a rate of ten percent (10%) per annum.
History —Sept. 10, 1993, No. 78, § 18.